The insurance industry needs to embrace blockchain, starting now

The insurance industry needs to embrace blockchain, starting now

PremFina CEO, Bundeep Singh Rangar, talks to CityAM about how blockchain has the potential to not just disrupt but change the entire insurance landscape – and for the better.

“The currently expensive offline process of selling to the high-net-worths and family offices that fund reinsurance and allocating a portion of a portfolio to investors will be replaced. Secure, automated distribution and payments will be held via blockchain and triggered by smart contracts. The premium is paid, and the reinsurer gets their share immediately.”

The insurance industry is long overdue for change and innovation. Blockchain doesn’t need to be feared – change shouldn’t immediately be synonymous with something negative. Blockchain should be embraced for its ability to simplify existing processes, make them more secure and ultimately, more cost-effective.

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